LONDON – 9 AUGUST 2023 – Digital investment platform Mnaara has successfully completed a pre-seed round of funding, raising US$500,000 from investors based in the UK, US, Middle East, and Singapore. This investment will be used to expand Mnaara's team and further develop its Shariah-compliant investment solutions, specifically targeting the under-served mass-affluent market worldwide. Mnaara is revolutionizing the investment landscape as the first platform to provide equal access to Shariah-compliant global private markets funds through a seamless digital experience. The funds offered on Mnaara adhere to strict Shariah screening guidelines, ensuring ethical investments and excluding activities deemed non-compliant with Islamic finance principles, such as gambling, tobacco, alcohol, and arms. Additionally, the platform follows financial guidelines that prohibit excessive leverage and financial derivatives.
Founder and CEO of Mnaara, Saad Adada, expressed his enthusiasm for the company's growth prospects, stating that Mnaara is creating a gateway that allows clients to invest in top-performing funds while remaining true to their values.
By democratizing access to private markets, Mnaara aims to connect Shariah-conscious investors with the best investment opportunities globally. Currently, individuals seeking diversification in their investments while maintaining a Shariah-compliant portfolio have limited options. Mnaara seeks to address this by opening up private markets to a wider audience through their platform.
Mr. Adada, with over 20 years of experience in investment banking and management roles focused on Islamic finance and Shariah-compliant investing, has chosen London as the headquarters for Mnaara. This decision enables the platform to cater to the significantly under-served Shariah-conscious investors in the UK and ensures a global reach for other investors across different geographic locations. Mnaara.com serves as the website for the platform, which is set to be publicly available to eligible investors by the end of 2023.
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